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Tanzania Companies Act: deadline for the submission of beneficial owners’ information

  • Legal Development 21 December 2021 21 December 2021

  • Africa

  • Commercial

This legal update is intended to serve as a reminder for companies that are registered in Tanzania, regarding the requirement to submit the information relating to beneficial owners, to the Registrar of Companies (the Registrar).

Beneficial owner

The Companies Act [1] defines a beneficial owner as a natural person:

  1. who directly or indirectly ultimately owns or exercises substantial control over an entity or an arrangement;
  2. who has a substantial economic interest in or receives substantial economic benefit from an entity or an arrangement directly or indirectly whether acting alone or together with other persons;
  3. on whose behalf an arrangement is conducted; or
  4. who exercises significant control or influence over a person or arrangement through a formal or informal agreement.

Submission deadline

Please note that the Notice [2] issued by the Business Registration and Licensing Agency earlier this year indicated that the deadline for submitting beneficial owners’ information to the Registrar is 31 December 2021.

Penalty

Non-compliance with this requirement may result in a penalty of between USD 2,200 and USD 4,300 being imposed on the company.

[1] The Companies Act, Cap. 212 as amended by the Finance Act No. 8 of 2020.

[2] The Companies (Extension of Period for Submission of Information of Beneficial Ownership) Notice, G.N. No. 189 of 2021.

End

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